CNOVA NV 2024 Second Quarter Activity & First Half Financial
Performance
CNOVA N.V.
First Half Financial performance & Second Quarter 2024
activity
Update on Casino group situation
Cnova pursues its path towards operational profitability
with an improving
EBITDA after rents by +€2m and free cash-flows improving by
+€101m vs. 23 |
|
|
- Product
GMV1 gradually
improving month after month:
- Marketplace: -5%
in 1Q24, -4% in April, -1% in May, +2% in June and +7% in
July2
- Direct sales:
-28% in 1Q24, -26% in April, -28% in May, -18% in June and -9% in
July2
- Product
GMV1 declining by -12% in 1H24 vs. 23, improving
compared to FY23 trend
-
Like-for-like3
Overall GMV declining by -11% in 1H24 vs. 23,
improving compared to FY23 trend (-14% vs. 22). With the successful
implementation of the transformation plan, Cnova is now gradually
recovering in 2Q24 (-9% vs. 23) compared to 1Q24 (-12% vs. 23) in a
challenging environment for Cdiscount’s core markets such as Home
(-6% vs. 23) & Technical goods (-3% vs. 23)4
-
Like-for-like3
Net sales decreasing by -19% in 1H24 vs. 23, as a
result of declining GMV and the strategic shift to Marketplace
representing 65% of Product GMV in 1H24 (+7pts vs. 23)
- Services
revenues5 amounting to
€158m in 1H24, increasing by +5% vs. 23,
representing 33% of overall like-for-like3 net sales,
growing by +8pts vs. 23, mostly supported by B2B
revenues increasing by +87% vs. 23
- Gross
margin rate growing by +7pts vs. 23 and EBITDA
after rents growing by +€2m in 1H24 (+10% vs. 23), thanks
to Cnova’s turnaround towards more operational profitability
- Free-cash
flows improving by +€101m in 1H24 vs. 23, thanks to
consistent payments to suppliers and a thorough monitoring, whilst
1H23 had been impacted by conciliation proceedings
- Cnova
continuously pursuing the development of its CSR strategy
with “More sustainable
products” representing 22.7% of
Product GMV in the 2nd quarter 2024 (+6.9pts vs.
23)
- Strong
NPS growing by +2.1pts in 1H24 vs. 23, with
Marketplace NPS increasing by +3.4pts vs. 23
|
AMSTERDAM – July 26, 2024, 18:00 CET Cnova N.V.
(Euronext Paris: CNV; ISIN: NL0010949392) (“Cnova”) today announced
its second quarter activity and first half unaudited financial
results for 2024.
Thomas Métivier, Cnova’s CEO,
commented:
“After two years of transformation where we
drastically improved our operational profitability by developing
our marketplace, retail media and B2B activities, refocusing our
direct sales business and streamlining our costs’ structure, we are
now focusing our efforts on our commercial bounce back. Our
immediate priority is to reinforce our commercial promise on
prices, choice and responsible consumption with a new and modern
brand identity. Proving the market fit of our value proposition for
French customers, new customer acquisition is growing again, and
commercial trend is improving month on month despite adverse market
conditions.
We keep enhancing our Artificial
Intelligence and Technology leadership to improve the experience we
offer to our B2C consumers, merchants and B2B customers with a
clear focus on projects supporting growth.”
Financial highlights
Financial performance
(€m)
|
|
2023
Half year
|
2024
Half year
|
|
Change vs. 23 |
| |
|
Reported |
L-f-L6 |
|
Overall GMV (including VAT) |
|
1,380.6 |
1,195.0 |
|
-13.4% |
-10.9% |
|
E-commerce platform |
|
1,338.4 |
1,140.2 |
|
-14.8% |
-12.2% |
|
o/w Direct sales |
|
463.6 |
336.5 |
|
-27.4% |
|
o/w Marketplace |
|
647.4 |
628.0 |
|
-3.0% |
|
Marketplace share |
|
58.3% |
65.1% |
|
+6.8pts |
|
o/w B2C services |
|
80.8 |
83.4 |
|
+3.2% |
|
o/w Other revenues |
|
146.6 |
92.3 |
|
-37.0% |
-13.4% |
| B2B
activities |
|
42.2 |
54.8 |
|
+29.8% |
|
o/w Octopia B2B revenues |
|
11.4 |
18.0 |
|
+58.9% |
|
o/w Octopia Retail & others |
|
24.2 |
21.1 |
|
-12.9% |
|
o/w C-Logistics |
|
6.7 |
15.7 |
|
x2 |
|
Net sales |
|
612.5 |
471.0 |
|
-23.1% |
-18.9% |
|
EBITDA7 |
|
33.9 |
31.3 |
|
-€2.6m |
|
% of Net sales |
|
5.5% |
6.6% |
|
+1.1pt |
|
EBITDA7 after
rents |
|
16.7 |
18.2 |
|
+€1.6m |
|
% of Net sales |
|
2.7% |
3.9% |
|
+1.2pt |
|
Operating EBIT |
|
-14.3 |
-14.9 |
|
-€0.6m |
|
% of Net sales |
|
-2.3% |
-3.2% |
|
-0.8pt |
| Net Financial
Result |
|
-26.8 |
-28.7 |
|
-€1.9m |
|
Net loss from continuing operations |
|
-65.4 |
-52.4 |
|
+€13.0m |
| Free
cash-flows |
|
2023
Half year
|
2024
Half year
|
|
Change |
|
(€m) |
|
|
vs. 23 |
| EBITDA
after rents |
|
16.7 |
18.2 |
|
+1.6 |
| (-) Capital
expenditures |
|
-32.3 |
-28.0 |
|
+4.3 |
| (-) CB4X
financial costs |
|
-11.1 |
-9.3 |
|
+1.8 |
| (+/-)
Non-recurring items |
|
-5.1 |
-9.1 |
|
-4.0 |
| Free
cash-flows before change in WC & taxes |
|
-31.7 |
-28.2 |
|
+3.5 |
| (+/-) Change
in working capital and taxes |
|
-170.7 |
-73.5 |
|
+97.3 |
|
Free cash-flows8 |
|
-202.4 |
-101.6 |
|
+100.7 |
|
|
|
|
|
|
|
|
Change in Net Financial Debt |
|
-209.9 |
-121.6 |
|
+88.3 |
1st
semester activity
Overall GMV decreased by -10.9%
like-for-like9 in the 1st semester 2024,
confirming Cnova’s strategic choice to develop its service
activities in order to improve operational profitability.
Services revenues stood at
€158m in the 1st semester 2024, improving by
+4.6% vs. 23, representing 33.5% of
like-for-like9 net sales (+7.5pts vs. 23), with:
-
Marketplace generating €90m revenues10
in the 1st semester 2024, with Marketplace GMV share
standing at 65.1% (+6.8pts vs. 23, +26.8pts vs. 19)
- Advertising
services net revenues11 reaching €33m in the
1st semester 2024, with growing Retail Media (+2.9% vs.
23), driven by Marketplace sellers (+5.0% vs. 23) with an expanding
number of active sellers (+4.0% vs. 23). Advertising GMV take rate
stood at 4.5% in the 1st semester 2024 (+0.4pt vs. 23,
+3.1pts vs. 19) despite declining Product GMV
- B2C
services12
revenues decreasing by -4.4% vs. 23, with negative volume impact on
direct sales associated services (guarantees extension and cards),
while Travel and Mobile services performed
well, improving by +10.4% vs. 23
- B2B
services13
revenues increasing by +87.2% vs. 23, standing at €28m in the
1st semester 2024, mainly driven by the dynamic of
logistic services. Over the 1st semester 2024,
C-Logistics has launched two clients, respectively specialized in
luxury goods and pet food
|
Business KPIs |
|
2023
Half Year |
2024
Half year |
|
Change
vs. 23 |
|
Marketplace10 |
|
94.6 |
89.5 |
|
(5.4)% |
|
Advertising11 |
34.1 |
33.2 |
|
(2.4)% |
|
B2C12 |
7.2 |
6.9 |
|
(4.4)% |
|
B2B13 |
15.0 |
28.1 |
|
+87.2% |
|
Services revenues |
|
150.9 |
157.7 |
|
+4.6% |
|
|
|
|
|
|
|
|
Services revenues share in net
sales9 |
|
26.0% |
33.5% |
|
+7.5pts |
|
Marketplace GMV share |
|
58.3% |
65.1% |
|
+6.8pts |
2nd
quarter highlights
|
GMV |
2Q24 vs. 23 |
| Total GMV
like-for-like14 evolution |
(9.2)% |
| Marketplace
GMV evolution |
(1.8)% |
|
Marketplace GMV share growth |
+6.5pts |
In the 2nd quarter 2024, Cnova’s overall GMV
decreased by -9.2% like-for-like14. This year-on-year
evolution was mainly driven by:
-
Direct sales contributing -8.4pts (-25.7% y-o-y),
following Cnova’s business model shift and assortment
rationalization, especially for products with low contribution
margins
-
Marketplace contributing -0.9pt (-1.8% y-o-y),
with Marketplace GMV share growing by +6.5pts, standing at 66.5% in
the 2nd quarter 2024
-
C-Logistics B2B contributing +0.7pt (+93.9% y-o-y)
with an increasing number of shipped parcels for external clients
(+31.9% vs. 23)
In the 2nd quarter 2024, Cnova has
enhanced its customer value proposition, as
illustrated by:
- A strong overall
NPS standing at 56.3pts in the 2nd quarter 2024 (+3.3pts
vs. 23), mostly driven by Marketplace NPS reaching 55.0pts in the
2nd quarter 2024 (+4.5pts vs. 23)
- Increasing share of
reactivated clients by +3.6pts in the 2nd quarter 2024
vs. 23
- Loyalty actions and
reward mechanisms dedicated to Cdiscount à
Volonté (CDAV) members
- An artificial
intelligence-powered chat dedicated to customer relationships
On June 24th, 2024,
Cdiscount.com launched its new brand identity, as
part of the strategic transformation undertaken since 2021: expand
its marketplace, offering more choice and ensuring attractive
prices, while pursuing the development of its sustainable offer.
Cdiscount’s new brand platform relies on three pillars:
-
“Moins cher”
(Less expensive): increase purchasing power amidst
inflation, offering discounts and hundreds of thousands of products
every day that are more than 10% less expensive than the
competition
-
“Malin”
(Clever): allow customers to meet their needs, to equip
themselves and to cope with unforeseen events thanks to 4X payment
installments, personalized delivery solutions and a loyalty program
that allows them to save money
-
“Engagé”
(Committed): support customers with their more responsible
consumption offering “More sustainable products”, which
represent 22.7% of Product GMV in 2Q24 (+6.9pts vs. 23)
|
Marketplace KPIs |
2Q24 |
vs. 23 |
| Marketplace
GMV share |
66.5% |
+6.5pts |
| Total express
delivery GMV share |
51.2% |
(1.0)pt |
|
o/w Cdiscount Express Seller GMV share |
12.0% |
(4.1)pts |
|
o/w Fulfilment by Cdiscount GMV share |
39.2% |
+3.2pts |
In the 2nd quarter 2024, Marketplace GMV
declined by -1.8%, while generating well-oriented KPIs:
- Marketplace GMV share growing by
+6.5pts vs. 23
- Advertising services provided to
Marketplace sellers generating steady and resilient net revenues in
the 2nd quarter 2024 vs. 23, with an expanding number of
active sellers (+1.8% vs. 23), boosted by “Discover”
offers aiming to recruit new sellers
- Fulfilment by Cdiscount GMV share
increasing by +3.2pts vs. 23, standing at 39.2% in the
2nd quarter 2024. Cdiscount Express Seller program,
dedicated to sellers able to offer express delivery to CDAV
customers, covered 12.0% of Marketplace GMV and focused on
profitability
- Marketplace NPS reaching 55.0pts in
the 2nd quarter 2024, growing by +4.5pts vs. 23
Generative Artificial Intelligence
(“GenAI”) supporting Cnova’s customer-centric approach
Artificial intelligence-powered algorithms were
implemented all along the customer journey, enabling to enhance the
relevance of the Cdiscount.com search engine (+4.6pts in search
engine click rate in the 2nd quarter 2024 vs. 23).
Through the development of numerous GenAI use
cases, Cnova seeks to generate more value, enrich customer
experience and improve internal efficiency. These initiatives also
enable Cnova to support its Marketplace sellers in promoting their
products.
To improve its product catalog and
marketability, Cnova has internally developed and deployed specific
GenAI use cases since May 2023, such as:
- Product features enrichment: to
date, c. 6 million products with features improved by GenAI
- Product reclassification: to date,
c. 27 million products reclassified and increase by c. 30% in
conversion for products reclassified through GenAI
- Product headlines and descriptives
improvement: to date, c. 10 million products processed by GenAI
Cnova pursues the development of its CSR
strategy
In April 2024, Cnova signed the Sustainable
Consumption Pledge, a voluntary initiative carried out by the
European Commission to promote sustainable consumption beyond legal
requirements. This initiative allowed Cnova to reaffirm its
commitments, including identifying and reducing its carbon
footprint, minimizing the environmental impact of its products,
increasing circularity in its operations, and ensuring social
sustainability throughout its value chain. Accelerating the
transition to sustainable daily consumption is at the core of
Cnova's strategy and a cornerstone of Cdiscount's new brand
identity, launched in June 2024.
To reduce its carbon footprint and drive
customers towards a more responsible consumption, Cnova launched a
program in 2021 focused on "more sustainable products". In
the 2nd quarter 2024, “more sustainable
products” GMV increased by +19.8% vs. 23, accounting for 22.7%
of Cdiscount's Product GMV (+6.9pts vs. 23).
In the 1st half 2024, Cnova pursued
its actions towards more sustainable logistics. The company took
part in revising the "Charte logistique e-commerce
responsable," an initiative aimed at reducing the
environmental impact of e-commerce logistics by raising consumer
awareness, reducing packaging, and making transportation greener.
With over 15 years of commitment to this cause, Cnova achieved a
new milestone, with 88.4% of its parcels targeted by void reduction
actions.
First Half 2024 financial performance
Cnova N.V.
(€m)
|
Half year |
Change |
|
2023 |
2024 |
vs. 2023 |
|
Overall GMV (including VAT) |
1,380.6 |
1,195.0 |
-13.4% |
| Net
sales |
612.5 |
471.0 |
-23.1% |
| Gross
margin |
181.7 |
172.5 |
-5.1% |
|
As a % of Net sales |
29.7% |
36.6% |
+7.0pts |
|
As a % of GMV (excluding VAT) |
15.8% |
17.3% |
+1.5pt |
| SG&A
(excluding D&A) |
-147.8 |
-141.2 |
+€6.6m |
|
As a % of Net sales |
-24.1% |
-30.0% |
-5.8pts |
|
As a % of GMV (excluding VAT) |
-12.8% |
-14.2% |
-1.3pts |
|
EBITDA |
33.9 |
31.3 |
-€2.6m |
|
As a % of Net sales |
5.5% |
6.6% |
+1.1pt |
|
As a % of GMV (excluding VAT) |
2.9% |
3.1% |
+0.2pt |
| Depreciation
& Amortization |
-48.2 |
-46.2 |
+€2.0m |
|
Operating EBIT |
-14.3 |
-14.9 |
-€0.6m |
| Other
non-current operating income / (expenses) |
-3.0 |
-7.3 |
-€4.2m |
| Net financial
income / (expenses) |
-26.8 |
-28.7 |
-€1.9m |
| Profit
before tax |
-44.1 |
-50.9 |
-€6.8m |
| Income
taxes |
-21.3 |
-1.4 |
+€19.9m |
| Net
loss |
-65.6 |
-53.8 |
+€11.7m |
|
Net loss from continuing operations |
-65.4 |
-52.4 |
+€13.0m |
Net sales amounted to €471m in
the 1st semester 2024, a -23.1% reported decrease
compared to 2023 and a -18.9% like-for-like15 decrease.
Net sales evolution has mostly been impacted by decreasing direct
sales revenues, impacted by Cnova’s voluntary business shift
towards more service activities, as illustrated by Marketplace GMV
share growing by +6.8pts vs. 23. B2B revenues have increased by
+87.2% vs. 23, supported by Octopia B2B (+58.9%) and C-Logistics
B2B (x2).
Gross margin stood at €172m in
the 1st semester 2024, representing 36.6% of net sales.
Thanks to Cnova’s business model turnaround towards high-margin
services, gross margin rate has increased by +7.0pts vs. 23, with
accretive effects mainly from Marketplace activities (including
fulfilment services provided to Marketplace sellers), Advertising
services and B2B activities.
SG&A (excluding D&A)
costs amounted to €-141m in the 1st semester 2024,
representing -30.0% of net sales (-5.8pts vs. 23), improving by €7m
compared to the 1st semester 2023, with:
-
Fulfilment costs (excluding D&A) deteriorating by €3m compared
to the 1st semester 2023, mostly due to growing B2B
fulfilment activities, notably with C-Logistics’ existing clients
ramp-up and new clients launched, partly offset by decreasing
variable costs due to lower business volumes. Considering rents,
Fulfilment costs are improving by €1m thanks to optimized
warehouses capacities
-
Marketing costs (excluding D&A) improving by €2m compared to
the 1st semester 2023, mostly due to the reduction in
headcount, as part of the Efficiency Plan, along with rationalized
marketing costs on specific activities, partly offset by growing
acquisition costs along with higher media-brand costs, with the
launch of Cnova’s new brand identity, in the 2nd quarter
2024
-
Technology & Content costs (excluding D&A) improving by €5m
compared to the 1st semester 2023, mostly due to
headcount optimization for Cdiscount, with the voluntary shift from
Direct sales to Marketplace, along with Octopia’s staff costs and
external services rationalization, partly offset by inflation
effects
-
General & Administrative costs (excluding D&A) improving by
€3m compared to the 1st semester 2023, mostly impacted
by the reduction in headcount, as part of the Efficiency Plan
Consequently, EBITDA stood at €31m in the
1st semester 2024, representing 6.6% of net sales
(+1.1pt vs. 23). EBITDA after rents amounted to
€18m, increasing by +€2m in the 1st semester 2024 (+9.5%
vs. 23) compared to the 1st semester 2023.
Depreciation & Amortization stood at
€-46m in the 1st semester 2024. In accordance with IFRS
16, D&A include the amortization of the right-of-use asset
which represents lessees’ right to exploit leased elements over the
duration of a lease agreement, which were impacted by warehousing
capacities rationalization.
Operating EBIT amounted to €-15m,
deteriorating by €-1m vs. 23, mostly due to EBITDA deteriorating
by
-€3m, partly offset by decreasing Depreciation
& Amortization compared to the 1st semester
2023.
Other non-current operating expenses
stood at €-7m in the 1st semester 2024, deteriorating by
€-4m compared to the 1st semester 2023. The
1st half 2023 was mostly impacted by conciliation,
transformation and restructuring costs. The 1st half
2024 was mainly impacted by restructuring costs notably warehouses
early termination costs.
Financial result amounted to €-29m,
deteriorating by €-2m vs. 23, mostly driven by higher financial
costs mainly due to higher drawings, notably on cash pooling,
partly offset by lower CB4X financial costs in line with the
decreasing Product GMV on Cdiscount.com over the 1st
semester 2024.
Net loss stood at €-54m, improving by
€12m compared to the 1st semester 2023, mainly driven by
decreasing income taxes as an exceptional write-off in deferred tax
assets at C-Logistics level for -€18m was booked in June 2023.
| Free
cash-flows |
|
2023
Half year
|
2024
Half year
|
|
Change |
|
(€m) |
|
|
vs. 23 |
| EBITDA
after rents |
|
16.7 |
18.2 |
|
+€1.6m |
| (-) Capital
expenditures |
|
-32.3 |
-28.0 |
|
+€4.3m |
| (-) CB4X
financial costs |
|
-11.1 |
-9.3 |
|
+€1.8m |
| (+/-)
Non-recurring items |
|
-5.1 |
-9.1 |
|
-€4.0m |
| Free
cash-flows before change in WC & taxes |
|
-31.7 |
-28.2 |
|
+€3.5m |
| (+/-) Change
in working capital and taxes |
|
-170.7 |
-73.5 |
|
+€97.3m |
|
Free cash-flows16 |
|
-202.4 |
-101.6 |
|
+€100.7m |
|
|
|
|
|
|
|
|
Change in Net Financial Debt |
|
-209.9 |
-121.6 |
|
+€88.3m |
Free cash-flows amounted to
€-102m in the 1st semester 2024, improving by +€101m vs.
23, with:
-
Increasing free cash-flows before working capital & taxes,
driven by a greater EBITDA after rents (+€2m) together with
rationalized capital expenditures (+€4m) and optimized CB4X
financial costs (+€2m), partly offset by non-recurring items
(-€4m), related to restructuring and warehouses early termination
costs
-
Enhanced working capital (+€97m) thanks to consistent payments to
suppliers and a thorough monitoring, whilst the 1st half
2023 had been impacted by conciliation proceedings, especially
payables reduction following credit insurers guarantees
shrinkage
Update on Casino group situation – Main
events
On March
28th, 2024,
Casino announced the effective completion of its financial
restructuring, resulting in a change of control of Casino group to
France Retail Holdings S.à.r.l. ("FRH"), a special purpose vehicle
set up by a consortium consisting of EP Equity Investment III
S.à.r.l. ("EP"), Fimalac and Attestor, controlled by EP, a company
controlled by Mr. Daniel Křetínský.
Pursuant to the completion of the financial
restructuring of Casino group on March 27th, 2024,
France Retail Holdings S.à.r.l. has acquired indirectly (via Casino
Guichard-Perrachon S.A.) 99.27% of the voting rights in Cnova, thus
acquiring predominant control (overwegende zeggenschap)
over Cnova.
On April
30th, 2024,
following the agreements reached on January 24th, 2024,
with Auchan Retail France and Groupement Les Mousquetaires as well
as on February 8th, 2024 with Carrefour to sell a
combined total of 287 stores, Casino group announced the sale of
121 stores.
On May
7th, 2024,
Casino group announced that FRH and Casino have jointly submitted a
petition to the Enterprise Chamber of the Amsterdam Court of
Appeal, the Netherlands, for an exemption of the obligation to make
a mandatory tender offer. If the exemption is granted, Casino will
within three months initiate a buy-out procedure
(uitkoopprocedure) in which the Enterprise Chamber will
determine the price to be paid for shares of minority shareholders
of Cnova N.V., whereby Casino will claim a buy-out price similar to
the price that would be paid in a mandatory tender offer.
The petition also includes a request for a
further extension of the period. The Enterprise Chamber previously
extended this period by thirty days in its judgment of April
25th, 2024.
On May
7th, 2024,
Cnova announced that Mrs. Béatrice Davourie was appointed as
replacement non-executive director and Chairman of the Board of
Cnova NV, effective as per May 10th, 2024.
On May
24th, 2024,
Casino group announced that FRH and Casino have received a judgment
of the Enterprise Chamber of the Amsterdam Court of Appeal, the
Netherlands, granting an additional thirty-day extension of the
time period. As a result, the period provided is extended by thirty
days as of May 27th, 2024.
On May
31st, 2024,
following the agreements reached on January 24th, 2024,
with Groupement Les Mousquetaires and Auchan Retail France and as
well as on February 8th, 2024 with Carrefour to sell a
combined total of 287 stores, Casino group announced the sale of 90
stores.
On June
21st, 2024,
Casino group announced that FRH and Casino group have on June
20th, 2024, received a judgment of the Enterprise
Chamber of the Amsterdam Court of Appeal, the Netherlands, granting
an exemption of the obligation to make a mandatory tender offer for
the shares and depositary receipts of Cnova N.V., subject to the
condition that Casino shall within four months initiate statutory
buyout proceedings (uitkooprocedure) in which the price
for Cnova shares is at least equal to the price per share that FRH
would have had to offer in a mandatory tender offer under French
law, and whereby the obligation to make a mandatory tender offer
will revive should Casino not timely initiate the aforementioned
buyout proceedings or the Enterprise Chamber reject the statutory
buyout claim.
On July
2nd, 2024,
Casino group announced the sale of 66 stores following the
agreements reached on January 24th, 2024, with
Groupement Les Mousquetaires and Auchan Retail France.
Casino group also announced that it has sold its
controlling 51% stake in 5 hypermarkets to Groupement les
Mousquetaires. Groupement les Mousquetaires already hold a 49%
stake in these hypermarkets from September 30th, 2023.
***
Cnova publishes today on its website, Friday
July, 26th, its 2024 semi-annual report.
***
About Cnova N.V.
Cnova N.V., the French ecommerce leader,
serves 7.1 million active customers via its state-of-the-art
website, Cdiscount. Cnova N.V.’s product offering provides its B2C
clients with a wide variety of very competitively priced goods,
fast and customer-convenient delivery options, practical and
innovative payment solutions as well as travel and entertainment
services. Cnova N.V. also serves B2B clients internationally
through Octopia (Marketplace-as-a-Service solutions), Cdiscount
Advertising (advertising services for sellers and brands) and
C-Logistics (end-to-end logistic ecommerce solution). Cnova N.V. is
part of Casino group, a global diversified retailer. Cnova N.V.'s
news releases are available at www.cnova.com. Information available
on, or accessible through, the sites referenced above is not part
of this press release.
This press release contains regulated
information (gereglementeerde informatie) within the meaning of the
Dutch Financial Supervision Act (Wet op het financieel toezicht)
which must be made publicly available pursuant to Dutch and French
law. This press release is intended for information purposes
only.
Cnova Investor Relations Contact:
investor@cnovagroup.com
Tel : +33 6 79 74 30 94 |
Media contact:
directiondelacommunication@cdiscount.com
Tel: +33 6 18 33 17 86
cdiscount@vae-solis.com
Tel: +33 6 17 76 79 71 |
***
Appendices
Cnova N.V. Half Year 2024 Consolidated
Financial Statements (unaudited)
|
Consolidated Income Statement |
|
Half year
2023
Revised
|
Half year
2024
|
|
(€m) |
|
|
Net sales |
|
587.6 |
471.0 |
| Cost of
sales |
|
-407.9 |
-298.5 |
| Gross
margin |
|
179.6 |
172.5 |
|
% of net sales |
|
30.6% |
36.6% |
|
SG&A(1) |
|
-193.4 |
-187.4 |
| % of net
sales |
|
-32.9% |
-39.8% |
| Fulfilment
costs |
|
-60.8 |
-62.3 |
| Marketing
costs |
|
-34.1 |
-33.1 |
| Technology
& Content costs |
|
-73.6 |
-69.4 |
|
General & Administrative costs |
|
-24.8 |
-22.6 |
|
Operating EBIT(2) |
|
-13.8 |
-14.9 |
|
% of net sales |
|
-2.3% |
-3.2% |
|
Other expenses |
|
-2.9 |
-7.3 |
|
Operating profit / (loss) |
|
-16.7 |
-22.2 |
|
Net financial income / (expense) |
|
-26.6 |
-28.8 |
|
Profit / (loss) before tax |
|
-43.3 |
-51.0 |
| Income tax
gain / (expense) |
|
-21.3 |
-1.4 |
|
Net profit / (loss) from continued operations |
|
-64.5 |
-52.4 |
|
Net profit /(loss) from discontinued operations(3) |
|
-1.0 |
-1.5 |
| Net
profit/(loss) for the period |
|
-65.6 |
-53.8 |
|
% of net sales |
|
-11.2% |
-11.4% |
| Attributable
to Cnova equity holders(4) |
|
-63.9 |
-53.4 |
|
Attributable to non-controlling interests(4) |
|
-1.6 |
-0.5 |
|
Adjusted EPS
(€)(5) |
|
-0.19 |
-0.15 |
1) SG&A:
selling, general and administrative expenses
2) Operating EBIT: operating
profit/(loss) before other expenses (strategic and restructuring
expenses, litigation expenses and impairment and disposal of assets
expenses)
3) In accordance with IFRS 5
(Non-current Assets Held for Sale and Discontinued Operations), net
loss from discontinued operations is related to Via Varejo
litigation settlement for the period ended June 30, 2024. Net
result generated by Carya is reported under “Net profit/(loss) from
discontinued operations” for the period ended June 30,
2023
4) Including discontinued
5) Adjusted EPS: net profit/(loss)
attributable to equity holders of Cnova before other expenses and
the related tax impacts, divided by the weighted average number of
outstanding ordinary shares of Cnova during the applicable
period
|
Consolidated Balance Sheet |
|
2023
End December
|
2024
End June
|
|
(€m) |
|
ASSETS |
|
|
|
| Cash and cash
equivalents |
|
11.0 |
18.8 |
| Trade
receivables, net |
|
92.7 |
75.6 |
| Inventories,
net |
|
100.5 |
100.5 |
| Current income
tax assets |
|
1.8 |
1.0 |
| Other current
assets, net |
|
144.9 |
173.3 |
|
Total current assets |
|
351.0 |
369.2 |
| Other
non-current assets, net |
|
7.1 |
6.6 |
| Deferred tax
assets |
|
15.0 |
14.0 |
| Right of use,
net |
|
71.4 |
66.5 |
| Property and
equipment, net |
|
16.4 |
15.6 |
| Intangible
assets, net |
|
208.4 |
198.7 |
|
Goodwill |
|
60.7 |
58.2 |
|
Total non-current assets |
|
379.1 |
359.6 |
|
|
|
|
|
|
Assets held for sale |
|
0.0 |
0.0 |
|
|
|
|
|
|
TOTAL ASSETS |
|
730.1 |
728.8 |
| EQUITY
AND LIABILITIES |
|
|
|
| Current
provisions |
|
4.5 |
0.9 |
| Trade
payables |
|
252.9 |
190.6 |
| Current
financial debt |
|
183.6 |
34.7 |
| Current lease
liabilities |
|
31.0 |
24.0 |
| Current taxes
and social liabilities |
|
55.3 |
80.2 |
| Other current
liabilities |
|
205.1 |
186.5 |
|
Total current liabilities |
|
732.4 |
516.9 |
| Non-current
provisions |
|
6.8 |
7.4 |
| Non-current
financial debt |
|
416.9 |
695.1 |
| Non-current
lease liabilities |
|
64.4 |
56.5 |
| Other
non-current liabilities |
|
16.1 |
15.2 |
| Deferred tax
liabilities |
|
0.1 |
0.0 |
|
Total non-current liabilities |
|
504.3 |
774.2 |
| Share
capital |
|
17.3 |
17.3 |
| Reserves,
retained earnings & additional paid-in capital |
|
-591.6 |
-646.6 |
| Equity
attributable to equity holders of Cnova |
|
-574.4 |
-629.3 |
|
Non-controlling interests |
|
67.8 |
67.0 |
|
Total equity |
|
-506.6 |
-562.3 |
|
|
|
|
|
|
TOTAL EQUITY AND LIABILITIES |
|
730.1 |
728.8 |
|
Consolidated Cash Flow Statement |
|
First 6 months
2023
|
First 6 months
2024
|
|
(€m) |
|
|
Net profit (loss) attributable to equity holders of the
Parent |
|
-62.9 |
-51.9 |
|
Net profit (loss) attributable to non-controlling interests |
|
-1.6 |
-0.5 |
|
Net profit (loss) from continuing operations |
|
-64.5 |
-52.4 |
| Depreciation
and amortization expense |
|
48.1 |
46.2 |
| (Gains) losses
on disposal of non-current assets and impairment of assets |
|
0.8 |
3.0 |
| Other non-cash
items |
|
-3.3 |
-0.5 |
| Financial
expense, net |
|
26.6 |
28.8 |
| Current and
deferred tax expenses |
|
21.3 |
1.4 |
| Income tax
paid |
|
-1.7 |
0.6 |
| Change
in operating working capital |
|
-166.9 |
-73.2 |
|
Inventories of products |
|
34.5 |
-0.4 |
|
Trade payables |
|
-198.6 |
-58.4 |
|
Trade receivables |
|
23.4 |
22.8 |
|
Others |
|
-26.3 |
-37.2 |
| Net
cash from / (used in) continuing operating activities |
|
-139.7 |
-46.1 |
|
Net cash from / (used in) discontinued operating
activities |
|
-2.9 |
-4.9 |
| Purchase of
property, equipment & intangible assets |
|
-31.8 |
-28.0 |
| Purchase of
non-current financial assets |
|
0.2 |
-0.0 |
| Proceeds from
disposal of P&E, intangible assets & non-current fin.
assets |
|
4.7 |
2.9 |
| Acquisitions
of subsidiaries, net of cash acquired |
|
- |
-0.4 |
|
Changes in loans granted (including to related parties) |
|
155.6 |
0.1 |
| Net
cash from / (used in) continuing investing activities |
|
128.6 |
-25.4 |
|
Net cash from / (used in) discontinued investing
activities |
|
-0.5 |
0.0 |
| Additions to
financial debt |
|
79.4 |
198.2 |
| Repayments of
financial debt |
|
-10.2 |
-6.0 |
| Repayments of
lease liability |
|
-13.9 |
-16.6 |
| Interest paid
on lease liability |
|
-3.8 |
-1.9 |
|
Interest paid, net |
|
-27.0 |
33.6 |
| Net
cash from / (used in) continuing financing activities |
|
24.5 |
140.1 |
|
Net cash from / (used in) discontinued financing
activities |
|
-0.6 |
-0.0 |
|
Effect of changes in foreign currency translation adjustments |
|
0.0 |
0.1 |
| Change
in cash and cash equivalents from continuing
operations |
|
13.3 |
68.7 |
|
Change in cash and cash equivalents from discontinued
operations |
|
-4.0 |
-4.9 |
|
Cash and cash equivalents, net, at period
begin |
|
-54.3 |
-58.1 |
|
|
|
|
|
|
Cash and cash equivalents, net, at period end |
|
-45.0 |
5.7 |
1 Placed Direct sales and Marketplace GMV excl. VAT
(before cancellation due to fraud detection and/or customer
non-payment)
2 Evolution of placed GMV as of July 25th,
2024 compared to the same period last year
3 Like-for-like figures exclude Carya
and Neosys (disposed) along with Géant and Cdiscount Pro
(discontinued)
4 Source: Fevad (figures covering from January 2024 to
May 2024 compared to the same period last year)
5 Including Marketplace commissions,
subscription fees and other revenues, Advertising services,
Fulfilment by Cdiscount, warranties extension, CUP cards
commissions, B2C services, Octopia B2B (Fulfilment-as-a-Service,
Merchants-as-a-Service and Marketplace-as-a-Service) and
C-Logistics B2B
6 Like-for-like figures exclude Carya and Neosys
(disposed) along with Géant and Cdiscount Pro (discontinued)
7 EBITDA: operating profit/(loss) from ordinary
activities (EBIT) adjusted for operating depreciation &
amortization
8 Free cash-flows from continuing operations before
financial interest
9 Like-for-like figures exclude Carya and Neosys
(disposed) along with Géant and Cdiscount Pro (discontinued)
10 Including Marketplace commissions after price
discounts, subscription fee and revenues from fulfilment services
to sellers
11 Including both revenues from marketing services to
suppliers and sellers
12 Including Travel, Mobile, CUP cards commissions,
warranty services and others
13 Including Fulfilment-as-a-Service,
Merchants-as-a-Service and Marketplace-as-a-Service (Octopia) and
C-Logistics B2B activities
14 Like-for-like figures exclude Carya and Neosys
(disposed) along with Géant and Cdiscount Pro (discontinued)
15 Like-for-like figures exclude Carya and Neosys
(disposed) along with Géant and Cdiscount Pro (discontinued)
16 Free cash-flows from continuing operations before
financial interest
- 2022 07 26_Cnova Press release_H1 2022 VF
- Cnova NV_Activity Press release_2Q24
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